The government cannot continue to subsidize, according to Minister Albert Ramdin of Foreign Affairs, International Business, and International Cooperation (Bibis). Despite the government’s involvement in social programs, it is crucial that the subsidies are gradually reduced. “Though it is not an easy time, the circumstance calls for action. We will need to take specific actions that promote economic development and recovery if we want to move on with structural recovery, the minister warns.
In this context, the IMF has developed and is supporting a Surinamese recovery program. “It was agreed upon with the IMF that the existing program would be somewhat modified, and the Minister of Finance is currently working on that. The Moni Karta was created to aid society by providing subject subsidies. Subject subsidy is replacing object subsidy, which means that a significant portion of the population will receive help and the burden will be reduced. Ultimately, Ramdin believes, we need to transition to a true economy where income and spending are properly balanced and no corporations receive subsidies for financing some of their inefficiency.
We want to achieve a strong economy with a solid base, adds Ramdin. 2023 has continued to lay a good foundation and give social spending to the people, and in addition, the government reform program and production investment are in progress.
